Prague, the city of a hundred spires, is a captivating destination for travelers seeking history, culture, and architectural beauty. To make the most out of your visit to this beautiful Czech city, you should be prepared when it comes to currency exchange.
Currency
The Czech Crown is the Czech Republic’s currency (not the Euro). Locals say more “Korunas” than “Crowns.” CZK or Kč is the abbreviation.
Exchange Rate
Do’s:
Check the current exchange rate for the Czech Koruna (CZK) online before exchanging money. There are “Buy” and “Sell” rates, which can get confusing sometimes. Many locals recommended ExChange CZ on Kaprova Street near the Old Town Square. They have a good reputation.
Don’ts:
Don’t exchange money at the train stations, airport, and hotel right the way. Don’t be tempted by those flashy currency exchange booths near tourist hotspots. The crowded streets and squares normally have unfavorable exchange rates and higher fees (up to 35 %).
Fees
Do’s:
Always ask how much you’re gonna get for your money. If you get ripped off or scammed, you can cancel the transaction within 3 hours. Come back with the receipt within 3 hours, and they must give you the money back according to Czech law.
Don’ts:
Keep an eye out for hidden fees and commissions. When exchanging money with a company, ask about the exchange rate and how much you can expect to get in return. Also be aware of exchange offices that promise “0% commission” but charge an exorbitant “exchange fee” when you exchange currency with them.
ATMs
Do’s:
Selecting “withdraw local currency” (CZK) is important to avoid unfavorable exchange rates and higher fees at ATMs. Always ask for an odd sum (for example, 1900 CZK vs. 2000 CZK) to get smaller bills.
Don’ts:
Avoid ATMs without any logos and Euronet logos (they charge fees up to 35%). City centers are filled with those ATMs. You could lose up to one-third of your money if you use them; their exchange rates are normally pretty bad, and transaction charges can be substantial. Most big Czech banks always have their logo on the machine. Examples of recommended bank ATMs include AirBank, FIO, Raiffeisen Bank, KB (Komerční Banka), CSOB, Ceska Sport, UniCredit, and CitiBank.
Cash
Do’s:
Carry small bills and coins for smaller expenses, such as public transportation or buying snacks/water from street vendors.
Don’ts:
The old banknotes will no longer be acceptable after June 30, 2022. Some scammers will offer great money exchange rates, but you will receive expired old banknotes, which are worthless. The new banknotes have The new ones have a wide silver strip.
Avoid exchanging a large sum of money at once, especially if you’re unsure of your spending needs. It’s easier to monitor your expenses and make smaller exchanges as needed.
Credit Card
Do’s:
Select the credit cards that waive the foreign transaction fees (about 3%) before the trip. Get a multicurrency travel card such as Wise.com within 5 minutes if you do not have one. You can separate your travel funds from your bank accounts or line of credit.
Don’ts:
When paying by credit card in Prague, you’ll have to select between the Czech Koruna and your home currency. Don’t pay your home currency. You will often receive a more favorable exchange rate if you pay CZK. Transactions in local currency are straightforward, with no hidden conversion fees or surprises on your credit card statement.
Be a savvy traveler. There is more about Prague, Czech. Check out all our articles and travel with confidence.
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